Delays in the sale, a lone bidder lacking funds, unexpected offers from Khyber Pakhtunkhwa and Punjab governments, and a mysterious overseas interest—selling Pakistan International Airlines (PIA) has proven as difficult as keeping it in the skies.

With daily losses of PKR 205 million and 460 days to make the airline attractive to buyers, Pakistan faces the risk of failing to fulfill its commitment to privatize the loss-making state-owned enterprise, a key promise to the International Monetary Fund.